Gilat Satellite Networks posts first net profit in 7 years in 2017

Wednesday 14 February 2018 | 11:28 CET | News

Gilat Satellite Networks reported a return to profit in 2017, with results better than forecast. The company forecast further strong improvement in 2018.

The net result moved to a profit of USD 6.8 million in 2017 from a loss of USD 5.3 million a year earlier, the company's first profit in seven years. Adjusted EBITDA jumped 36 percent to USD 26.2 million, just ahead of the company's upgraded forecast. Revenues increased to USD 282.8 million from USD 279.6 million in 2016, driven by expansion in mobile backhaul and in-flight connectivity services.

For 2018, Gilat targets revenue of USD 285-305 million and adjusted EBITDA of USD 30-34 million. The growth will come from further expansion in the new services as well as additional cost efficiency measures.

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